Punjab National Bank Suffers A $492 million Loan Fraud

India’s second-largest state-run lender, Punjab National Bank is in the news because of a 36.9 billion rupees loan fraud. Tied to the account of Dewan Housing Finance Corp.

And this is not the first but the fourth loan scandal the Bank is complaining of in three years. Two of such incident was reported last year while in 2018 the bank allegedly claimed that it was swindled of $2 billion by a jeweler who colluded with bank officials.

According to the Managing Director S.S. Mallikarjuna Rao, the Bank is looking to cement more strict measures to avoid potential fraud.

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